The exorbitant prices of rents and properties in several large Canadian cities, such as Toronto, are pushing many of their inhabitants to come and settle in Montreal or Quebec, thanks to the arrival of teleworking and more affordable prices.
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“We moved here largely because property prices are affordable at a 5% interest rate. […] For the first time in our lives, we feel like we can really afford to have a family,” says Nathaniel Smith, a Torontonian who moved to Montreal this year.
Seduced by a better quality of life, a better environment, he decided to come and settle in La Belle Province with his wife, even though he is still waiting to sell his house in Toronto.
“We went so far as to put our house up for sale [à Toronto] at a lower price than what we paid, simply because the Montreal market is so much lower than the Toronto market that we would be able to buy here even after losing nearly $80,000 on the sale,” says the 29 year old man.
- Listen to Mario Dumont’s interview with Marc Lefrançois, real estate broker at Royal LePage Tendance in Montreal on QUB Radio:
A dream come true
For her part, Audrey Bourassa, originally from Vancouver, has also cherished the dream of becoming an owner since she came to settle in Montreal.
“Even if real estate prices go up in Montreal, I see that I will be able to afford a house here, whereas in Vancouver, I know that I could never even imagine becoming a homeowner one day,” explains the young woman of 25 years.
Thanks to teleworking, she had the agreement of her employers to move more than 4500 km away and keep her job.
“It’s the best of both worlds,” proclaims the one who has lived in Rosemont since 2020.
Affordable
Originally from Ontario, Jack Murphy also decided to leave the municipality of Grimsby, in the Niagara region, in June 2022.
“I wanted to live in a place where I was able to support myself and in Ontario, it was just not possible anymore, even in historically affordable places,” says the young man who works as a cook.
Like Audrey Bourassa, the 28-year-old believes that his arrival in Quebec allows him to dream of the day when he will own his own house.
“It’s impossible to become an owner in Ontario. I am privileged because my parents are willing to help me with the down payment, but even with their help, I could never become a homeowner. I had to leave, ”says the one who lives in Hochelaga-Maisonneuve.